How Much Can I Afford?
It’s exciting to start looking for your dream home, make sure you know what to expect when budgeting for your move. Our agency creates and maintains transparent, trustworthy relationships so that we can make our client’s dreams a reality. We believe it’s important to consider everything when starting your buying journey.
When budgeting for your next big purchase, you should consider more than just the cost of your home before you start searching. Along with the cost of your home, consider these expenses:
The down payment is part of the home’s purchase price you pay at purchase. This is not financed in your mortgage. This important to consider when saving and considering mortgage options.
These costs are all of the fees associated with the mortgage when closing on your home. These range typically from 2 percent to 6 percent of the loan principal, and can vary based on the price of your home and its location.
Your city or county government may require you to pay property taxes. Property tax is included in your monthly mortgage payment, but separate from the interest and principal.
You may purchase home insurance to protect your home from damages or you may pay personal mortgage insurance on your loan.
Costs associated with buying a home go beyond the mortgage payment. To determine how much house you can afford, it’s important to have an expert that can help. Our team of agents are here to help make purchasing your dream home easier!